Canada's GFL Environmental gets new private equity funding

Reuters Staff

2 Min Read

April 22 (Reuters) - Canadian waste management company GFL Environmental Inc said on Sunday a group of investors led by UK-based BC Partners, Ontario Teachers Pension Plan and others will provide new funding, giving GFL an enterprise value of $5.13 billion.

GFL, whose ‘Green for Life’ slogan is seen across major Canadian cities, said its current Chief Executive Patrick Dovigi will remain in the role.

Dovigi will also maintain his ownership in the company, while the new investors will acquire the interests of current partners including funds managed or associated with HPS Investment Partners, Macquarie Infrastructure Partners III and Hawthorn Equity Partners.

“BC Partners and Ontario Teachers’ tick all the boxes for us at GFL,” Dovigi said in a statement.

Reuters reported in November that GFL was seeking to raise as much as C$1 billion ($783.9 million) in an initial public offering.

Scotiabank acted as financial adviser to BC Partners in Canada with Citi in the United States. Citigroup Global Markets Inc also provided committed financing for the transaction. ($1 = 1.2755 Canadian dollars) (Reporting by Philip George in Bengaluru; Editing by Gopakumar Warrier)